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First Direct

First Direct was launched in 1989 and relies on telephone and now internet banking in two sites - Leeds and Hamilton, Scotland. It employs over 3,000 people and has 1.2 million customers.

About 750,000 of these customers use the internet. In 2004 First Direct won the ‘Best Internet Lender’ category in the Mortgage Advisor and Home Buyer magazine.

First Direct mortgages are designed to be flexible, you can choose to stop and start the Capital repayments as long as you cover the interest payments each month. You can even choose to overpay at any time, which could reduce the overall cost of your mortgage and reduce the mortgage term.

You can also get Interest Only repayment mortgages. You will make lower monthly payments but you only pay for the mortgage loan itself and do not pay back any of it. However you remain responsible for ensuring that you can repay your mortgage on or before the age of 65. First Direct offer the following types of mortgage:

  • Variable Rates
  • Fixed Rates
  • Offset Rates

First Direct Mortgage Products
   

Variable mortgages: currently benefit from a discounted variable rate for three months, the rate then reverts to the standard variable rate for the rest of the mortgage term.

Fixed rates: a fixed rate mortgage means that the rate is set for an agreed period of time. This means that if rates rise your mortgage rate will stay the same. However, you need to keep in mind that if the variable rate falls, you could pay more for your mortgage during the fixed rate period.

If you repay your mortgage during the fixed rate period, you will be charged an early repayment fee.

Offset rates: you pay First Direct’s discounted variable rate for three months, followed by the standard variable rate for the rest of the mortgage term. You can link your current account and day-to-day savings to your mortgage and use these balances to offset the amount you owe on your mortgage - and just pay the interest on the difference.

Interest is calculated daily.

If you are interested in a mortgage quotation including those offered by First Direct please complete our quick enquiry form.

Current First Direct Mortgage Offers

All copyright and trademarks are respected and the property of the company described herein. Mortgages.co.uk and Financial Services Net Ltd is not connected with, nor represents, the company described in this directory.

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